Purpose

Approval of the changes to the Hive Homes business plan will unlock the continued delivery of residential developments which support the strategic objectives of GMCA to increase the supply of housing within GM.

Decision

1. Approve changes to the business plan for the Hive Homes joint venture between GMCA and 10 Registered Housing Providers which will unlock further delivery of new homes across Greater Manchester.
   
   2. Delegate authority to the Combined Authority Group Chief Finance Officer and GMCA Monitoring Officer to review the due diligence information in respect of the above investments, and, subject to their satisfactory review and agreement of the due diligence information and the overall detailed commercial terms of the investments, to sign off any outstanding conditions, issue final approvals and complete any necessary related documentation in respect of these.
   
   

Alternative options considered

If the business plan is not amended, Hive Homes will be wound up in 2029.